Manchester-based online retailer secures £5m investment
Manchester-based Currentbody.com has secured investment of £5million to support its growth.
NVM Private Equity (NVM) led the growth capital minority investment into the online retailer for home-use beauty devices.
The cash injection will also be used to accelerate its strategic initiatives and support working capital requirements.
Co-founded by Laurence Newman and Andrew Showman, Currentbody.com recently came in at 22nd in the Northern Tech 100, a rank of the top 100 fastest growing tech companies in the North.
Currentbody stocks brands including L’Oréal’s Clarisonic, NuFACE, SmoothSkin, Tria, Wellbox, iluminage and Foreo.
CEO Newman said: “Our partnership with NVM is a significant step in developing our unique product offering internationally whilst continuing UK growth.
"The team at NVM shared our vision and most importantly immediately understood the market opportunity of a pure-play beauty technology platform, making them an ideal cultural fit.
"Working with NVM will accelerate our ambition to provide the largest selection of clinically proven, at-home health and beauty technology in the world.”
Liam May, investment manager at NVM Private Equity, added: “Currentbody has enjoyed exceptional growth over the past few years, driven by an energetic and ambitious management team with a deep understanding of the beauty market.
"We are excited to support the company’s next phase of growth, establishing itself as the market leading e-commerce platform for beauty devices in the UK and across the globe.”